CNB Financial (NASDAQ:CCNE) Share Price Passes Above 200 Day Moving Average – Here’s What Happened

CNB Financial Corporation (NASDAQ:CCNE)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $25.18 and traded as high as $27.28. CNB Financial shares last traded at $27.10, with a volume of 200,138 shares traded.

Analysts Set New Price Targets

CCNE has been the subject of a number of analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of CNB Financial in a research note on Monday, December 29th. Janney Montgomery Scott upgraded CNB Financial to a “strong-buy” rating in a report on Wednesday, October 22nd. Finally, Wall Street Zen raised CNB Financial from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $27.75.

CNB Financial Stock Performance

The company’s 50 day simple moving average is $26.30 and its 200 day simple moving average is $25.18. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market cap of $798.91 million, a PE ratio of 13.62 and a beta of 0.73.

CNB Financial (NASDAQ:CCNE) last released its earnings results on Thursday, October 30th. The bank reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.04. The company had revenue of $77.70 million during the quarter, compared to analyst estimates of $68.50 million. CNB Financial had a return on equity of 10.38% and a net margin of 11.92%. Analysts expect that CNB Financial Corporation will post 2.04 earnings per share for the current year.

CNB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 12th. Stockholders of record on Friday, November 28th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, November 28th. This represents a $0.72 annualized dividend and a dividend yield of 2.7%. CNB Financial’s dividend payout ratio (DPR) is currently 36.18%.

Hedge Funds Weigh In On CNB Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP increased its holdings in CNB Financial by 116.1% during the third quarter. Wellington Management Group LLP now owns 1,876,033 shares of the bank’s stock worth $45,400,000 after buying an additional 1,007,751 shares during the last quarter. Vanguard Group Inc. grew its position in shares of CNB Financial by 38.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock valued at $38,058,000 after acquiring an additional 435,300 shares during the period. Dimensional Fund Advisors LP grew its position in shares of CNB Financial by 37.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,480,034 shares of the bank’s stock valued at $35,817,000 after acquiring an additional 406,167 shares during the period. Davis Asset Management L.P. increased its stake in shares of CNB Financial by 27.7% during the 2nd quarter. Davis Asset Management L.P. now owns 894,033 shares of the bank’s stock worth $20,438,000 after purchasing an additional 194,033 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of CNB Financial by 11.4% in the 3rd quarter. American Century Companies Inc. now owns 605,374 shares of the bank’s stock worth $14,650,000 after purchasing an additional 61,898 shares during the period. 52.35% of the stock is owned by hedge funds and other institutional investors.

About CNB Financial

CNB Financial Corporation (NASDAQ: CCNE) is a bank holding company headquartered in Clearfield, Pennsylvania. The company operates through its wholly owned subsidiary, CNB Bank & Trust, providing a full suite of community banking services. With a focus on relationship-driven banking, CNB Financial seeks to serve individuals, small businesses and agricultural clients across central Pennsylvania.

The company’s core offerings include deposit products such as checking accounts, savings accounts, money market accounts and certificates of deposit.